Self Cert/Buy-to let Mortgage for FTB

dm2583

Hi,

Can anyone shed some light on self cert mortgages please.

I left uni this year and currently work as a contractor but am having difficulty obtaining a mortgage the 'normal' way.

Im thinking about purchasing a property with a view to letting it out so would this be the best type of mortgage for me or would i be able to obtain a buy-to-let mortgage?

I earn approx £37,000 and i have no debts and no major outgoings...

Can anyone advise?!

Thanks in advance..... :beer:

stanmoresaver

Your situation requires the case to be packaged well to the right lender if it is to be successfull.

Speak to friends, family, collegues and see who genuinely enthuses about their mortgage broker and get in touch with him/her. IMHO, it would also be better to be dealing with someone who's a fellow professional on a face to face basis.

Hope this helps

herbiesjp

As stanmoresaver rightly says it's all about putting the case to the right lender for your BTL circumstances.

What you will need is a 15% deposit (probably) and the rental income would have to be enough for the lender to agree the loan.

What is the property value
What mortgage amount are you looking for?
What is the expected rental income? (ask some local lettings agents for figures on the property in question)

HTH

loobs40

I am a contractor also and have approached https://www.contractormoney.com.

So far they have been extremely helpful and forthcoming and my remortgage application is on track. They have got me a high street rate with the Halifax which I would have struggled to get if I had gone to the Halifax directly. They obtain the mortgage based on contractor rate per hour.

I'll let you know how the story ends, but so far so good (except for Cahoot charging me £30 for bank statements...grrrrrrr.....)